TEL AVIV, Israel, Dec.
11, 2018 /PRNewswire/ -- Therapix Biosciences Ltd.
("Therapix" or the "Company") (Nasdaq: TRPX), a
specialty, clinical-stage pharmaceutical company focusing on the
development of cannabinoid-based treatments, is providing an update
to shareholders regarding the previously announced binding letter
of intent dated October 22, 2018 (the
"LOI") with FSD Pharma Inc. ("FSD") (CSE: HUGE)
(OTCQB: FSDDF) (FRA: 0K9) for the acquisition of the Company by FSD
(the "Transaction").
It was agreed that the terms of the LOI are to be superseded by
a definitive agreement, which the parties intended to execute
within 30 days. The LOI by its terms lasted until November 19, 2018 but is automatically extended
for additional one-week terms unless either party delivers a
written notice of termination three (3) days prior to the
expiration of the applicable term. The Company and FSD are
still in negotiations and FSD wishes to modify certain material
terms of the Transaction.
The Transaction is still being negotiated. The Company
cannot guarantee that those negotiations will result in entering
into a definitive agreement or when or if the Company's board of
directors would approve any proposal by FSD to modify the terms of
the LOI.
About Therapix Biosciences (Nasdaq: TRPX):
Therapix Biosciences Ltd. is a specialty clinical-stage
pharmaceutical company led by an experienced team of Senior
Executives and Scientists. Its focus is creating and enhancing a
portfolio of technologies and assets based on cannabinoid
pharmaceuticals. With this focus, the company is currently engaged
in the following drug development programs based on repurposing an
FDA-approved cannabinoid (Dronabinol): THX-110 for the treatment of
Tourette syndrome (TS), for the treatment of Obstructive Sleep
Apnea (OSA), and the treatment of Pain; THX-130 for the treatment
of Mild Cognitive Impairment (MCI) and Traumatic Brain Injury
(TBI); THX-150 for the treatment of infectious diseases; and
THX-160 for the treatment of pain. Please visit our website for
more information at www.therapixbio.com.
Forward Looking Statements:
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. Forward-looking statements in this press release
include statements regarding the proposed Transaction.
Because such statements deal with future events and are based on
Therapix's current expectations, they are subject to various risks
and uncertainties and actual results, performance or achievements
of Therapix could differ materially from those described in or
implied by the statements in this press release, including the
possibility the Transaction may be substantially modified or may
not be consummated. The forward-looking statements contained or
implied in this press release are subject to other risks and
uncertainties, including those discussed under the heading "Risk
Factors" in Therapix's Annual Report on Form 20-F filed with the
SEC on April 30, 2018 and in
subsequent filings with the SEC. Except as otherwise required by
law, Therapix disclaims any intention or obligation to update or
revise any forward-looking statements, which speak only as of the
date they were made, whether as a result of new information, future
events or circumstances or otherwise.
Investor Contact:
Oz Adler, CFO
IR@therapixbio.com
Tel: +972-3-6167055
info@therapixbio.com
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SOURCE Therapix Biosciences Ltd